Canada rental prices hit two-year low amid 24-month decline

Average asking rents across Canada have declined for 24 consecutive months, reaching a two-year low. According to a report from Rentals.ca, the nationwide average asking rent currently stands at $2,034, representing a 4.2% decrease compared to the previous year and a 9.2% drop from the peak of $2,202 in May 2024.

Regional trends show broad declines, with Ontario rents falling 4.8%, British Columbia by 2.9%, Alberta by 2.6%, and Quebec by 1.7%. Conversely, rents in Nova Scotia and Saskatchewan increased by 1.4%. Condo rents experienced significant year-over-year drops of 7.8%, while purpose-built rental apartments fell by 2.7%.

In Victoria, British Columbia, one-bedroom rents decreased by 1.3% year-over-year to $1,997, while two-bedroom units saw a 0.6% decrease to $2,632. North Vancouver remains the most expensive market in Canada, with one-bedroom units averaging $2,466 and two-bedroom units at $3,477. On the more affordable end of the spectrum, Medicine Hat, Alberta, recorded the lowest rents among the top 60 cities, with one-bedroom units at approximately $1,232.